The US e-commerce company Amazon has got approval for foreign direct investment or FDI proposals of $ 500 million (about $ 3,200 million) in retail sales of food products in India.
According to the official said, "The government has approved American e-commerce major Amazon's proposed USD 500 million investment in retailing of food products in India"
According to this proposal, Amazon will open a wholly-owned subsidiary in India which will operate this business. It will store food products and sell them online. At present, the government has allowed 100% foreign direct investment in the food processing sector.
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